Saudi Foreign Exchange Reserves; OPEC Basket Pricing; Commentary -- April 2, 2022

The top two graphs were released overnight.

My hunch: Saudi Arabia not a bit happy with President Biden's decision to flood the USA with SPR oil.

Link here. Foreign Exchange Reserves.

During the last three months, the price of oil has surged, and Saudi production has maintained. Is anyone asking why Saudi's foreign reserve assets are falling, and not by a little? I assume gold is not included in these assets.

Four thoughts come to mind immediately:

• with uncertainty for the ruble, and concern about yuan / dollar jawboning, perhaps Saudi is replacing some cash with gold in its vaults? Or,
• Saudi has a lot more expenses for something not being talked about; upgrading military defense against Yemeni rebels?
• are we back to discussing the "break-even" price for Saudi Arabia
• remember 2014 - 2016 when Saudi opened the taps to try to crush US shale; didn't work; now the Biden administration does the same. It's pretty funny: opening the taps won't spur production, and that's ultimately what is needed according to many sources, including the Biden administration.
  

OPEC pricing:

The Biden Surge decision cannot be making Saudi too happy. My hunch is that the Biden administration made the announcement without a last minute telephone call to Saudi to give them advance warning. The Saudis had just announced they were going to raise prices for Asian delivery. Look how quickly the OPEC basket price dropped between March 24, 2022, and March 31, 2022. 

A "New" Shell; A Huge Penzey Misstep; Saudi's OSP; And Amazon Prime -- January 31, 2022

First things first, truckers in Saskatchewan headed towards Ottawa. Link here. 

Now, back to regular programming.

Shell:

First it changes its focus, then it changes its name, now it completes simplification with single line assimilation. Link here at Rigzone.

The company formerly knowns as Royal Dutch Shell plc is now, simply, Shell. 

As of early this morning, still two trading symbols, RDS-A and RDS-B but both appear to be trading at same price. It will probably take awhile for company to make the administrative changes for a new single ticker symbol. One would assume they would drop the "RD" from the RDS ticker. 

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To Infinity And Kiri
OPEC Basket Price

Link here. 

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Penzeys 

On April 20, 2021, I mentioned that "Penzeys BBQ 3000 is my go-to rub for Cornish hen."

Now this, "the spice company -- Penzeys -- that called Republicans racist begging for gift card purchases after losing customers."

Link here; https://www.foxbusiness.com/politics/spice-company-that-called-republicans-racist-begs-for-gift-card-purchases-after-losing-customers. 

I assume greater than 50% of their market self-identifies as Republican.

No further comment. 

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Amazon Prime

Subscribers need to brace for a $20-increase in annual subscription cost. 

Our younger daughter recently sent us a very light, small package from Portland, OR, using USPS. That very light, small package cost $17.91 to ship.

I don't think a $20-increase for an Amazon Prime subscription will break the bank. 

In addition, I"m watching a lot more Amazon Prime Video these days. I watch no Apple original programming.